Europe

UK motor insurers put brakes on Covid-19 goodwill measures

A survey this week from UK consumer watchdog Which? revealed only one in five British drivers received a premium refund from their motor insurer last year despite the strict Covid-19 lockdown measures in place for much of the first half of 2020.

AIG hires Troncy to lead global trade credit business

AIG has hired Coface veteran Corine Troncy as its new global head of trade credit, with the new hire imminently set to move from Stockholm to London.

December insured cat losses 16% below long-term average

December 2020 insured catastrophe losses were 16 percent below the long-term average, according to industry data, despite winter weather and severe storms causing circa $1.4bn in industry losses.

Aviva sets final offer deadlines for French and Polish operations: reports

Aviva has set late February deadlines for final offers for its operations in France and Poland after securing indicative bids from industry heavyweights, according to reports.

SRS hires Aon captive and actuary specialists for Swiss market launch

Captive specialist Strategic Risk Solutions (SRS) has made a move into the “key market” of Switzerland with the hire of three executives from Aon.

B3i teams up with Eurapco on blockchain risk transfer solution

Industry blockchain initiative B3i has partnered with Eurapco, an alliance of eight primarily mutual European insurers, to launch a risk-transfer solution developed on blockchain infrastructure.

Insurers hit out on cost of new EU accounting standards

Insurers have warned that there remain “unresolved issues” in the EU’s planned overhaul of financial reporting standards which carriers fear could raise compliance costs for the sector.

Tryg profits grow as Covid-19 frequency reduction boosts Q4 result

Tryg has become the latest insurer to report a Q4 profit increase driven in part by Covid-19 frequency benefits, with the Danish carrier reporting a pre-tax profit of DKK1.2bn ($195.6mn) for the period.

European P&C stocks slip for a second week on gloomy economic data

European P&C stocks closed out another lacklustre week of trading following the release of data showing economic activity in the eurozone shrank in January as lockdown measures shuttered many businesses.

Gjensidige has “substantial firepower” for potential €1.25bn RSA Codan deal

Nordic insurer Gjensidige has a NOK7.2bn ($850mn) war chest available to deploy on M&A, supporting the likelihood of it emerging as a potential buyer of RSA Codan, according to Berenberg analysts.

EC mulls plans to ease export credit insurance access

The European Commission is considering ways to give businesses across the continent easier access to insurance cover for export credit to help them overcome economic challenges to the goods trade posed by the Covid-19 crisis.

Covid frequency boost helps drive profit growth at Gjensidige

Covid-19 frequency benefits boosted Gjensidige’s Q4 2020 loss ratio by 1.9 percentage points, helping the Nordic insurer generate a combined ratio of 83.1 percent for the three-month period.

Norway landslide loss to trigger Gjensidige reinsurance programme

Claims from the 30 December Gjerdrum landslide near Oslo will trigger Nordic insurer Gjensidige’s reinsurance programme, analysts have forecast, capping its losses from the event at NOK200mn ($23.6mn).

Sedgwick consolidates Scandinavian operations

Carlyle Group-backed Sedgwick is to combine its Norwegian and Swedish operations to create a new regional hub in Scandinavia.

P&C stocks and global benchmarks rise ahead of Biden’s inauguration

European P&C equities and US stock market futures pushed higher ahead of Joe Biden’s inauguration today, on the back of hopes that the president-elect’s $1.9trn stimulus spending plan could pull the world’s biggest economy out of its pandemic slump.

Lloyd’s broker W Denis creates Lithuania branch to serve EU

Lloyd’s broker W Denis has created a Lithuanian branch in response to the UK’s exit from the EU.

LSM launches SME terrorism cover in Germany

Liberty Specialty Markets (LSM) has launched terrorism insurance coverage for SMEs in the German market.

Berenberg: Tryg-Intact likely to divest ~€1.25bn Danish JV post-RSA deal

A divestment of the Danish joint venture being created through Tryg and Intact’s acquisition of RSA is likely once the deal closes in the second quarter, according to Berenberg analysts.

Swiss Re UK & Ireland CEO Madzinga exits

Swiss Re’s UK and Ireland chief executive Tava Madzinga is to leave the carrier at the end of the month.

Lloyd’s Europe to revisit operating model to ensure post-Brexit regulatory compliance

Lloyd’s Europe is to work with managing agents from the start of February onwards over reforms to its operating model that will likely come into force by the second half of 2021.

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